Approved by President
Effective Date: June 5, 2017
Responsible Division: Business and Finance
Responsible Office:  Business and Finance
Responsible Officer:  Associate Vice President, Business and Finance

I.  Purpose

This policy shall apply to all payments received on behalf of Middle Tennessee State University (MTSU or University) and establishes the process for transmitting and depositing those receipts.

All payments received on behalf of MTSU must be receipted on official receipts at the Bursar Office within the Office of Business and Finance.  All checks in payment of amounts due the University should be made payable to Middle Tennessee State University, or MTSU, and should be mailed directly to the Office of Business and Finance, Cope Administration Building, Room 103, by the maker when possible.  All such checks should indicate the account or function to be credited.

Checks received on behalf of the University, not mailed directly to the Office of Business and Finance, should be turned in to the Bursar Office promptly, accompanied by a Departmental Checks for Deposit form.  Checks should not be made payable to departments, department heads, or any university official or employee designated by name. If this occurs, the department is responsible for informing the payer to make future checks payable to Middle Tennessee State University. The back of each check should be restrictively endorsed immediately upon receipt with a stamp “For Deposit Only – Middle Tennessee State University, Department Name” upon acceptance.

For departments accepting credit card payments, a settlement statement showing the total payments processed for the day must accompany the deposit. These departments must comply with all requirements of the Payment Card Industry – Data Security Standards (PCI-DSS) as outlined in Policy 652 PCI DSS Information Security.

All receipts must be deposited intact. No expenditures may be made or checks cashed from cash receipts. No receipts may be retained within a department for departmental use.

No separate official or semi-official funds (other than official Petty Cash Funds) may be maintained in any department, unless the same has been reported to and approved by the Vice President for Business and Finance. Any such funds on hand should be transmitted to the Office of Business and Finance with statement as to source and designation of account to be credited.

II.  Recording of Receipts

Departments or activities regularly receiving cash in their routine operations must record each transaction in an official University Receipt Book (available from the Bursar Office) or record the transaction on a cash register in the presence of the customer or payer. When the payment involves currency to be recorded in an official receipt book, the original receipt must be initialed by the person accepting the money and delivered to the payer. A notation must be made on each receipt specifying whether payment was by check or cash and the purpose for which the money was collected. When necessary to void a receipt, the voided receipt must be properly explained and the original must be retained and stapled to the copy.

Departments or activities, which have only isolated instances of receipts and do not maintain a receipt boo